Tesla Stores Attract Young, Successful, Upscale Consumers

AUG 12 2018 BY EVANNEX 25

TESLA’S STORES CONTINUE TO ATTRACT UPSCALE SHOPPERS

From the beginning, short sellers assumed those shopping for a Tesla were earth-loving hippies with little in the way of disposable income. But shopping for a Tesla is different. Unlike legacy automakers who use third-party car dealerships, Tesla sells direct-to-consumer in high-end malls and fashionable shopping districts.

*This article comes to us courtesy of EVANNEX (which also makes aftermarket Tesla accessories). Authored by Matt Pressman. The opinions expressed in these articles are not necessarily our own at InsideEVs.

Above: A look inside the Tesla store (Image: Tesla)

Back in 2016, CNBC reported that “malls boasting a Tesla shop generate more sales than their peers.” Last year, Tesla claimed (via Electrek) that “their sales per square foot are dwarfing Apple’s, which has been leading the retail industry in this metric for years now.” CEO Elon Musk said, “I think our sales per square foot are so high, you need a telescope to see who’s in second place.”

Meanwhile, this year, The Street’s Jonas Elmerraji reports that location data firm Factual tracked retail foot traffic at Tesla’s stores. In contrast to the ‘hippie’ stereotype, Factual found that Tesla shoppers were “young and successful… Tesla store visitors were 109% more likely to have an annual income between $150,000 and $175,000, and 40% more likely to be between the ages of 35 and 44.”

Above: Checking out the Model 3 at a Tesla store (Youtube: Washington Post)

And, according to Factual, the top-ten dealership brands most likely to be visited by someone in a Tesla store are:

  1. Jaguar Dealer
  2. Land Rover Dealer
  3. MINI Dealer
  4. Volvo Dealer
  5. Audi Dealer
  6. Volkswagen Dealer
  7. Porsche Dealer
  8. BMW Dealer
  9. Lexus Dealer
  10. Honda Dealer

According to Elmerraji, “Most of those shouldn’t come as a huge surprise given Tesla’s current high average selling-price mix. But others, like Honda and Volkswagen, confirm what Elon Musk pointed out on the company’s second-quarter update: ‘[The Model 3 is] drawing customers from many other segments, including non-premiums, sedans and hatchbacks.'”

In addition, the data “suggests that the prototypical Tesla store visitor is in a very desirable consumer demographic: Other retailers frequented by the Tesla trope include Apple, Nordstrom, Lululemon and Crate & Barrel. That’s not a shock, given that Tesla hired George Blankenship, the guy behind Apple’s retail presence, to build out its own store network.”

Above: The “Design Studio” inside a Tesla store (Image: Tesla)

Furthermore, “a Tesla shopper is 70% more likely than average to be a new homeowner, and 135% more likely to be a Disney enthusiast” given that they’re also more likely than average to be an expecting parent. That said, “Tesla appears to be attracting the exact sort of shopper it needs to move cars at a higher average selling price in 2018.”

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Source: The Street

*Editor’s Note: EVANNEX, which also sells aftermarket gear for Teslas, has kindly allowed us to share some of its content with our readers, free of charge. Our thanks go out to EVANNEX. Check out the site here.

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25 Comments on "Tesla Stores Attract Young, Successful, Upscale Consumers"

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Nix

Go YSUC’s! Buy more EV’s!

…wait, we need a better acronym for “Young, Successful, Upscale Consumers”… *grin*

Seriously though, this is the kind of market demographic info that leads to other parts of the economy profiling these YSUC’s, and figuring out what will attract this desirable market demographic group. This includes hotels, restaurants, shopping centers, even Apartment and Condo’s. They look at the numbers and realize if they want to draw these YSUC’s, they will need to match their lifestyle choices and offer things like charging connections at their apartments and condo’s and new housing construction.

BoltEV (was SparkEV)

LOL YSUCS… TIme ago, these people were called YUPpies: Young Urban Professional.

dan

Nothing new about this trend. In the early 2000s, we would have called them Bobos.

https://www.amazon.com/Bobos-Paradise-Upper-Class-There/dp/0684853787

Counterpoint

Or 10-20 years earlier, yuppies (young urban professionals). But like the article says, it makes sense Tesla would attract the young (new tech) and rich (since they’re expensive).

SJC

“young and successful… ” At what? Facebook and Twitter?

eac

26 yr old working in facebook making $185K a year with a model 3 performance checking in….so yep…young and successful at Facebook.

nix

YUCS and LOLS!!

dan

The thing about age and success is that the ones who have enough of either don’t talk about numbers.

R.S

At my local Tesls store they have a sign:

„Please don’t hang on the falcon wing doors“

And once a guy kicked the back of a Model S, probably thinking the trunk would open.

I think that says a lot about which people are also attracted by it.

Grommelfried

Maybe that guy had an Audi before.
If I “kick” my Audi, it will open the trunk. This is pretty great for hands free opening. Tesla probably don’t have that cool tech.

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F teo

Easy for Tesla to do the same thing. Just code the logic and send an OTA done!. It has back camera, so logic is car stationary unlocked all doors closed. Rear camera detect person, infer movement = side-to-side body movement, then unlock rear trunk.

Randy Shnizzle

Why haven’t these Tesla computer crackers come up with that yet?

Will

You mean what ford have in thier suv lineup

R.S

I think he was expecting something like that, but he probably didn’t know that you don’t need to physically kick the vehicle.

Usually you should stop before the foot hits the car! And if it doesn’t work, then don’t repeat it!

Will

Elitists talk. No wonder trump won

BoltEV (was SparkEV)

DUMP voters are not rich elitists. They are people who had no other choice, and they weren’t going to vote She-lery who should be in jail; soldiers doing far less than keeping classified info at home serve prison terms. Talk to some DUMP voters. Everyone I talk to say they did not want DUMP, but had no other choice. This is why it’s so unfortunate that hate filled left wingers are driving these people even deeper into DUMP.

dan

“Dump voters”? Really? That sounds like someone about to make an intelligent point. I’m guessing that you’re stuck in the same bubble that you so loathe. You might unfortunately be your own worst example.

BoltEV (was SparkEV)

Why don’t you talk to some DUMP voters and find out for yourself? They are not all racist, sexist, homophobe Nazi that the left is painting them to be.

dan

I know plenty of Trump voters and plenty of Clinton voters and most of them get along just fine with each other. I’m not a big fan of people who use terms like DUMP, Shillary, etc. You’re part of the problem.

Jack

Yeah, let’s keep it real. Tesla customers are poor social media victims who got hyped and can’t actually afford that overpriced thing.
Just watch some Youtube vids from Tesla owners, most of them mention their previous cars like Camry, Accord,..

BoltEV (was SparkEV)

Or they could have thought cars aren’t worth all that until Tesla came along. That’s certainly true for me.

James

These articles really make me want to sell my Tesla and buy a diesel truck.

BillT

I am only 1 of the 3 and still love going to the Tesla store here in Austin. Finally took the next step down the path and rented a model 3 on Turo today. Decisions… But, I find it gratifying for an American company to have mindshare in a space that seemed to be owned by BMW, Audi and Mercedes 5 years ago.

randomhuman

If money is the only thing how you can measure success, then I guess our society is doomed.

antrik

Yeah, I guess the more “stereotypical” hippy types are more often buying Leafs, possibly second-hand… If they are buying cars at all.